Business

In a decisive move, the Malaysian High Court has rejected KNM Group Berhad's bid for a restructuring lifeline, spotlighting a series of legal violations and the scheme's lack of viability.

Amazon has completed its $8.5 billion acquisition of MGM Studios, strategically positioning itself to strengthen its streaming service. The deal follows European regulatory approval and aims to boost Amazon's content library and competitiveness in the entertainment streaming market.

Telecommunications giants Axiata Group and Telenor Asia have completed a landmark merger of their Malaysian wireless operations, creating a new tech leader. The combined entity, MergeCo, promises significant synergies, with pre-tax profits of 5.7 billion ringgit and strong financial prospects. Both parent companies will hold equal 33.1% stakes in the newly formed company.

South Korean exports of teleconferencing equipment and semiconductors have significantly increased as employees worldwide transition to working from home during the pandemic, driven by rising demand from cloud computing firms and remote work trends in the US and China.

Walt Disney Company shuts down all eleven theme parks across global locations, including Walt Disney World, Disneyland, and Disneyland Paris. Disney Cruise Line also suspends new departures through the end of March as a precautionary measure against the spreading coronavirus pandemic.

Walt Disney Company's stock fell 2.1% in premarket trading after Bob Iger handed CEO responsibilities to Bob Chapek, with analysts questioning Chapek's content experience and leadership capabilities in the media-entertainment industry.

Walt Disney Co. announced Bob Iger's departure from the CEO role, with 27-year veteran Bob Chapek taking the helm. Iger will continue as executive chairman, overseeing creative efforts until December 2021. During his tenure, Iger transformed Disney by acquiring Star Wars, Marvel, and 21st Century Fox, and launching a streaming service to compete with Netflix.

Starbucks, the world's largest coffee chain, closed half of its Chinese stores due to coronavirus, adjusting operating hours and delaying 2020 profit forecasts. The outbreak has significantly impacted the company's operations in its biggest market outside the United States.

Following Kobe Bryant's sudden death, fans worldwide rushed to purchase memorabilia, causing Lakers jerseys, Nike shoes, and commemorative items to sell out rapidly. Nike confirmed complete sellout of Bryant's merchandise, redirecting website visitors to a memorial statement about the tragic helicopter crash.

Shannon Lee, representing Bruce Lee Enterprises, has filed a lawsuit against Real Kungfu in a Shanghai court. She demands the chain stop using her father's image and seeks 210 million yuan (US$30 million) in compensation for 15 years of unauthorized use of the martial arts legend's likeness.